On 2 December 2001, the heavily-indebted airline was bought by former Time Warner executive Tony Fernandes' company Tune Air Sdn Bhd for the token sum of one ringgit (about USD 0.26 at the time) with USD 11 million (MYR 40 million) worth of debts.

On 20 March 2001, DRB-Hicom made a clarification on Bursa Malaysia:

1. “DRB-Hicom Bhd is believed to be actively seeking a buyer for its 85 per cent stake in the second national air carrier Air Asia Sdn Bhd...”

2. “Among those whom DRB-HIicom had held preliminary talks with are Lembaga Tabung Haji...”

3. “...DRB-Hicom had also approached other potential buyers, including the Sarawak Economic Development Corporation, Angsana Vacation Sdn Bhd, and Lufthansa Air, through a local company.”DRB-HICOM Jual AirAsia

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